CHANGES TO THE MORTGAGE PROTECTION PROGRAM EFFECTIVE AUGUST 1, 2009.
Due to a change in insurance provider, the Mortgage Protection Program no longer provides coverage in the event of accidental disability or a $10,000 death benefit. ( Existing policies will not be affected ). Program enhancements include a reduced vesting period that begins effective the close of escrow, so that home buyers can access the policy sooner in the event of job loss.
On April 2, 2009 the Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations. Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage. To qualify for the Mortgage Protection Program, Applicants must:
. · Be a first-time home buyer – someone who has not owned
property in the last three years (includes co-buyer).
· Open escrow April 2, 2009, or later, and close on or before
Dec. 31, 2009 (purchase agreement cannot be dated before April 2, 2009) · Use a California REALTOR® in the transaction · Purchase the property in California · Be a W-2 employee (cannot be self-employed) MORTGAGE PROTECTION PROGRAM PRE-QUALIFY YOUR CLIENT! Due to the demand for the program, we have created a pre-qualification process that will ensure you get a policy if your client meets the program qualifications and closes escrow before December 31, 2009. Just fill out the application and submit with a copy of the qualifying executed purchase agreement – your file will be approved pending the receipt of the HUD-1 Closing statement indicating the close of escrow for your buyer.
· For a copy of the REVISED MPP Application Click here.
( This must be submitted by an active California REALTOR®)
· For a REVISED list of Frequently Asked Questions Click here. · For Examples on How The Program Works Click Here.
Terms of Use for MPP Marketing Flyer
You may download and distribute the MPP marketing flyer to your clients and customers. You may not alter the MPP flyer in any way, such as revising or adding text or graphics, and you may not copy or remove any graphics, pictures or other content in the MPP marketing flyer and use them in any other way without CARHAF’s prior written consent.
Click Here to view flyer as (pdf)
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